Friends
We saw a pretty volatile day of trading today, but it all seemed rather contained. Stocks fell hundreds of Dow points early, regained all of those losses, fell again, recovered again, but in the end drifted back down decisively into negative territory. The bears seem to hold the high ground, but a relief bill out of Congress hangs over their head, as do various vaccine and treatment drug headlines. Again, September is seasonally a difficult month for stocks so none of this comes as any surprise. More concerning is some of the silliness we are seeing in the IPO markets. But, we seem to be becoming numb to much of it.
By the close, the Dow Jones Industrial Average was down 130 points to finish the day at 27,901. The S&P 500 was down 28 points to close at 3,357. The Nasdaq Composite Index was down 140 points to close at 10,910. Gold was down $16 to trade at $1,954 per ounce, while oil was up $.88 to trade at $41.04 per barrel WTI.
We are seeing signs that the economy is working through all of the headwinds, but there are still way too many people out of work and Main Street is certainly not feeling as good about things as is Wall Street. Let’s see how the week finishes up tomorrow.
Have a nice even
